Saudi FinTech Tweeq raises funds to fuel expansion plans

By Leandra Monteiro

Riyadh-based FinTech start-up Tweeq has secured funding to foster its product development and expand into the wider MENA region. The latest funding round follows in the footsteps of the company’s exclusive partnership with Mastercard and Paymentology.

The FinTech platform enables users to open a spending account via its mobile app, enabling them to start receiving and making payments, set monthly budgets and long-term financial goals, as well as monitor and manage personal spending automatically across different categories.

Speaking on the development, Saeed Albuhairi, Co-Founder and CEO at Tweeq said, “We are working hard to obtain the necessary licenses and approvals to conduct our business under the Saudi Central Bank (SAMA)’s supervision to achieve the kingdom’s ambition of developing a diversified and effective financial sector.”

According to a McKinsey report, more than 80 percent of urban consumers in Saudi Arabia prefer to deal with financial institutions digitally. Lagging quality of digital experiences and customer service is driving customers in Saudi Arabia away from traditional financial institutions and towards consumer-first FinTech startups, according to the Boston Consulting Group.

Earlier this month, Dubai peer-to-peer payment start-up Ziina raised $7.5 million through an early stage funding round. The company plans to use the funds to set up its wallet service and expand into Saudi Arabia.